The firm exhibits a concerning lack of cash conversion efficiency, recording zero operating cash flow and zero capital expenditure across the last six quarters.
Mint Incorporation Limited (MIMI) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 |
|---|
| Cash from Operations | -109.99K | -3.26M | 756.47K | 722.52K | -184.11K |
| Operating CF Margin % | -37.47% | -99.76% | 17.26% | 27.03% | -8.69% |
| Operating CF Growth % | 96.62% | -530.76% | 4.7% | 492.44% | - |
| Net Income | -1.32M | -1.46M | 783.44K | 819.42K | 256.58K |
| Depreciation & Amortization | 31.95K | 63.38K | 44.57K | 2.44K | 51.5K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.52K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.03M | 35.35K | 6.33K | 4.53K | 1.16K |
| Working Capital Changes | 147.58K | -1.9M | -77.87K | -103.89K | -493.34K |
| Change in Receivables | 90.09K | -234.57K | -606.48K | -298.23K | -268.24K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 20.25K | -19.86K | 303.07K | 29.12K | -4.8K |
| Cash from Investing | -330.2K | -135.55K | -8.22K | -5.14K | -1.54K |
| Capital Expenditures | -26.27K | -7.23K | -8.22K | -5.14K | -1.54K |
| CapEx % of Revenue | 8.95% | 0.22% | 0.19% | 0.19% | 0.07% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 16.42K | -128.32K | 0 | 0 | 0 |
| Cash from Financing | -13.3K | 7.59M | -724.82K | -516.66K | 45.12K |
| Debt Issued (Net) | -13.3K | 1.06M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 6.04M | -246.39K | 0 | 1.16K |
| Dividends Paid | 0 | 0 | 0 | -548.38K | 0 |
| Share Repurchases | 0 | -4.86K | -250.39K | 0 | 0 |
| Other Financing | 0 | 480.36K | -478.42K | 31.72K | 43.97K |
| Net Change in Cash | -458.01K | 4.2M | 24.39K | 200.28K | -142.26K |
| Free Cash Flow | -136.27K | -3.27M | 748.25K | 91.52K | -185.65K |
| FCF Margin % | -46.43% | -99.98% | 17.07% | 3.42% | -8.76% |
| FCF Growth % | 95.83% | -536.46% | 717.58% | 149.3% | - |
| FCF per Share | -0.05 | -1.44 | 0.33 | 0.04 | -0.08 |
| FCF Conversion (FCF/Net Income) | 0.08x | 2.23x | 0.97x | 0.88x | -0.72x |
| Interest Paid | 0 | 34.27K | 0 | 0 | 0 |
| Taxes Paid | 0 | 354.33K | 25.1K | 4.96K | 0 |
Quick answers to the most common questions about buying MIMI stock.
Mint Incorporation Limited (MIMI) generated $-0.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Mint Incorporation Limited (MIMI) reported negative free cash flow of $0.1M in 2026, indicating capital requirements exceeded cash from operations.
Mint Incorporation Limited (MIMI) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Operational scale and liquidity
Earnings Quality Lacks Cash Support
According to the provided financial data, MIMI reports a complete absence of operating cash flow despite persistent net losses, suggesting that the company's reported earnings are entirely disconnected from actual cash generation and that the firm is currently unable to convert its business activities into liquid resources.
The lack of reported operating cash flow in the face of ongoing net losses implies that the company may be struggling with significant working capital absorption or that its project-based accounting is failing to translate into tangible inflows. Investors should monitor whether this absence of cash flow is a temporary timing issue related to project milestones or a structural inability to collect on completed work.
Free Cash Flow Remains Nonexistent
As indicated by the quarterly data, MIMI has failed to generate positive free cash flow in any of the reported periods, reflecting a business model that is currently unable to sustain its own operations without relying on existing cash reserves or potential external capital injections.
The consistent zero-value reporting for free cash flow suggests that the company is not currently in a position to fund its own growth or cover its overhead through internal operations. This trajectory warrants further investigation into whether the firm can reach a cash-flow-positive state before its current liquidity is exhausted by ongoing operational losses.
Capital Expenditure Remains Entirely Absent
Based on reported financial statements, MIMI has recorded zero capital expenditure over the last six quarters, which may indicate a complete halt in investment activity or a reliance on an asset-light model that avoids the necessary upkeep of physical infrastructure required for long-term industrial competitiveness.
The absence of capital investment suggests that the company is not currently upgrading its technical capabilities or expanding its operational footprint. While this preserves cash in the short term, it may also signal a lack of confidence in future project pipelines or an inability to justify further investment in the current market environment.
Working Capital Dynamics Remain Obscured
Data provided in the financial statements shows no movement in working capital accounts, which appears to contradict the typical operational volatility associated with project-based fit-out businesses and suggests that the company's cash flow reporting may be masking underlying payment cycles or significant project-related delays.
The lack of reported working capital changes makes it difficult to assess the efficiency of the company's collections or its management of payables. This opacity is concerning for a firm in the engineering and construction sector, where the timing of cash receipts is often the primary determinant of operational survival.